New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-10-08
pPruIruS ran. $2.Gs3,92o.

According to the official statement. the Gov-
crnmcnt has paid mp to October | premiums
amounting to S2,6s3,92O in purchasing bonds
of S21.I22,250 par value. This, 1t l. claimed
has saved the Government Sl,456,GOO' be-
causc. had the bonds been left to run, the
opcrcratc Of interest paid Oh them during four
years for part and twenty years Ion the rest
would have been SGlIl, 800 On that basis
the Administration claims TO have made great
saving for the people.
That !, so. provided absolutely nothing could
have been done with the money dunng iour
or twenty years to comc-proVdcd II must
have been allowed to lie idle In the treasury
all that time unless paid out for bonds. But
everybody knows that this IS not the case
Not to speak If the plans Of senator Beck
REPRESENTATIVE Scott and other Democratic
leaders. under which the money would have
been loaned ont at interest with some nsk ana
great probability Of layontiSm, every doiIAf
Of the money paid for bonds not yet due would
have been used more prohtably by the people,
had Government not collected II by permitting
fraudulent undcrvaluationS OF imports ana
every dollar Of it would have been used more
proGtably by Government. after collection had
the Administration not cOntcmptuousiy dclicd
acts Of Congress.
No competcnt economist VIII reckon the
underyaluations Of imports during the last
wear mt less than 10 per cent, which would
amount TO 500. 900. 900. On these imports
at the general average Of duty rates, duties
amounting to S27OOO,O0D were PAID whereas.
had the goods been honestly valued, tho
duties demanded would have been much larger
the goods would not have been imported at
all. ana the ST.. 100000 Of revenue would not
have been collected. Thus faithful enforce
mcnt Of the laws, instead OF collecting ~
600 900 tor permitting violations Of la" harm
fu TO home industry, would have cAcludcu
certain fraudulent imports and collected MOTH
ing. and without spending S2i,OOO0Oo for
bonds and premiums to bondhodcrs tho Gov
crnmcnt would still have had S3OOo'OOo less
surplus than il has now.
4 score Of illustrations Of the second point
could be given. but it is enough to remember
that postal service disgraccf,I to the country
and crippling to American commerce ana
manufactures, exists because iostmaStcr-Och-
cIal Villas dciicd and disobcycd the law re-
curing an expenditure Of half n million yearly
in securing better mail facilities between TINS
and other countries. Honest enforcement oil
the act Of Congress would have brought Such
good results to commerce and industry that
many times the outlay would have been realized
in n year by American workers and merchants
SO invested, the money would have pald more
than 100 per cent profit; law-brcak'nS Az
ministration preferred to make prctcncc OF
economy in expenditures, and then To pay Il"
premiums to bondhodcrs more than live times
the $500 600 thus saved. In many other ways
which could easily be mentioned, laws provid-
ing for expenditures to promote the puoiic
welfare have been practically defeated ana
had the laws been faithfully observed inc
pulIc money would have been far more wisely
employed than in the payment of premiums TO
bondholdcrs in order to encourage more acCiFc
SDcCulatiOn.